US dollar continues to be dependent on events elsewhere

It was another quiet day for the US dollar in terms of data releases, which seems to be the theme so far this week. This hasn’t stopped movement in US dollar markets, though, which was dictated by euro, sterling and oil price activity throughout the day on Wednesday.

Today we can expect much of the same, with the only major release being weekly labour data, which is expected to post another stable figure. Any surprises could result in related dollar movement; otherwise, dollar strength is likely to be dependent on events elsewhere.

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